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to be weak due to worries about the fiscal cliff. with $600 billion in automatic tax hikes and government spending cuts set to start next yer, why aren't more firms postponing hiring decisions? >> what we're hearing from businesses is that it is really hard to actually pull back hiring right now, because they've already fired so many workers, gotten so lean that it's really difficult. >> reporter: but not all the surprises in the report were good. at 7.7%, the unemployment rate hit its lowest level since december 2008. but that was mostly due to people giving up their search for work. and there's another disappointing trend, weak wage growth. >> what we are not seeing is strong income generation. the slowing in wage gains-- the weak bargaining power of labor comes across in this report and >> reporter: so although the labor market is not getting worse, it's not getting a lot better, either. and there are plenty of risks that could cause businesses to cancel projects, and hiring plans. >> clearly one of the biggest risks is that we don't see a deal on the fiscal cliff, or that they drag it
parts of this. when you hear about the fiscal cliff, it is not really the tax rate. i do not buy that at all. i do not think we need to increase these tax rates. >> if you go over and the tax rates go up on everyone and all that goes away -- >> i do not think we should do it. i think we should resolve this. it depends on if we do something about it in the next month or two after that. if we do something in 30 days or 90 days and we are clear about that, but nothing people believe we are going to do something until we do it. >> the to go to the broader concern. does the top rate have to end the 39.6% the way it was under bill clinton? could be democrats accept something between if it was coupled with a reduction in the ability on the top 2% to except a reduction of deductions? >> i do not want to second-guess what we might decide. i do not think that is what we should debate the right now. multimillionaires and what deductions they can take is something different. this is where we are. >> that is in addition to. >> yes, in addition to. the problem with having that debate now sugge
.s. goes over the so-called fiscal cliff. as christine romans reports, some homeowners could face a big tax bill. >> reporter: one in three homes in the third quarter sold short meaning you sell for less than you owe on it. right now you don't owe taxes on the forgiven debt. on the other side of the fiscal cliff you do. the mortgage forgiveness debt relief act gives homeowners a tax break on unpaid mortgage debt. it expires unless congress acts. >> the average amount homeowners are short is $95,000. if the tax break goes away as part of the so-called fiscal cliff they could be taxed on the $95,000 as additional income starting in 2013. >> how much homeowners will owe on that amount depends on the tax bracket they are in. on average it would be $20,000 to $25,000. banks have extra incentive to sell short and absorb the loss. under the act that went in this year the nation's biggest lenders get a credit on short sales. foreclosures also sell for $30,000 less than homes sold via short sales. expect short sales to jump more as homeowners look to avoid getting hit with taxes and banks look to av
the toll of superstorm sandy and concerns about the fiscal cliff. tax increases and spending cuts are set to trigger after january first unless the white house and congressional republicans strike a compromise. house speaker john boehner said friday the president's current approach could hamper future job growth. >> because the risk the president wants us to take, increasing tax rates, will hit many small businesses that produce 60 - 70 percent of the new jobs in our country >> democrats argue that without tax increases on the the revenue necessary to combine with the savings and with the spending cuts to reduce the deficit, to create jobs, to grow the economy, to improve the lives of the american people. >> about twelve million americans remain out of work. economists forecast dire consequences without a washington, i'm karin caifa. >>catherine: this is the 71st anniversary of the date that will live in infamy. december 7th 19-41 was when the japanese attacked pearl harbor. this was a moment of silence as 2-thousand people gathered in hawaii to honor those killed in the surprise attack.
the pieces coming together on the fiscal cliff some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not clear that the republicans will agree to including a debt limit increase in that kind of package and if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the obama administration has been clear they will not sign anything. even to get past december 31st. so do you think they can hold firm on that if republicans offer them a package that doesn't include the debt ceiling? >> this is where i think the tension is now arising, which is even if you have some agreement over the tax rates which will jam the republicans a bit, can you jam them on the debt limit also, the concern will be an administration overstepping or overream reaching and trying to jam in the kinds being discussed now. i'm all in favor of getting rid of the debt limit. it makes no sense from a technical perspective. but it's probably a br
have this year, the fiscal cliff in the way. republicans say if you raise taxes on the top 2% that will hurt small business and will kill jobs. talked to the ceo of fedex and he says, shall we say, there's mythology around that assumption. listen. >> the reality is the vast majority of jobs in the united states are produced by capital investment and equipment and software that's not done by small business. >> right. >> it's done by big business, and the so-called gazelles, the emerging companies like the new fracing oil and gas operations. >> we've talked about this so many times. >> yeah. >> it's demand that creates jobs. >> that's exactly right, and i'm glad fraud smith says that. gone from understanding that small business creates most of the new jobs generally in the united states, not all jobs. now that doesn't mean we shouldn't do all we can for small business because they are going to be on the margins where the new jobs come, from but we have got to have an environment that creates jobs for everyone and you've done the studies yourself to show that increasing taxes on
in this country, we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports the back-and-forth showed no sign of letting up today 20 white house and the republicans in congress. >> reporter: in his saturday weekly address, president obama signaled he is open to making cuts on programs like medicare and medicaid if republicans agree to raise tax rates for the rich. >> i'm willing to find ways to bring down the cost of health care without hurting seniors and other americans who depend on it. and i'm willing to make more entitlement spendings cuts on top of the $1 trillion in spending cuts i signed into law last year. >> reporter: his remarks came one day after house speaker john boehner announced the talkes were stalled. >> well, this isn't a progress report because there's no progress to be report. >> reporter: his democratic counter-part ploals blamed boehner for the stalemate. >> what they offered in return was an empty letter lacking in specifics. >> reporter: such is the state of negotia
households. mostly because of fiscal cliff concerns and higher tax concerns. that said, i agree with ken. this is a larger issue that nobody is willing to talk about, the third rail of american politics -- entitlements. we can't raise taxes enough to compensate for what we need in our democrat kbrafk situation on entitlements. these are fundamental issues. it's important to understand that not only have we seen investment decline and the composition of employment. the manufacturing sector not showing big gains. the investment side of the equation not showing big gains. that shows delays in hiring and defer meant by the fiscal cliff. it's clear that we are at a fork in the road. we can choose to enhance our role in the global economy by taking the situation and making responsible decisions or by deliberately slitting our own economic throats we'll lose what credibility we have left. i think we are at the fork in the road now. >> john, instilling confidence would be a big role for washington. you know, there isn't a great deal of confidence in washington. there is less in congress. at this
don't owe taxes on the forgiven debt, on the other side of the fiscal cliff, you do. it expires on december 31st, unless congress acts. >> the average amount that homeowners are short in a short sale is $95,000. and if this tax break goes away, as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depends on the tax bracket they're in, but on average, it would be about 20 to $25,000. the banks have an extra incentive to sell short and absorb the loss. the nation's biggest lenders get a credit for short sales as a form of foreclosure relief. foreclosures also sell on average for $30,000 less than homes sold via short sale. so as we near the fiscal cliff, you can expect short sales even more as homeowners get hit with bank taxes and banks get stuck with foreclosed properties. if we go over the cliff, the taxpayer's base with a short sale may be steep enough to walk away instead. and that would push the fiscal cliff higher for 2013. i'm christine romans. >
, ands or buts on that specific aspect of the fiscal cliff. >> with respect to the tax rates, i want to emphasize, i am open to new ideas. i'm not going to slam the door in their face. i want to hear -- i want to hear ideas from everybody. >> that's not a no. here is the treasury secretary timothy geithner. >> there's no agreement that doesn't involve the rates going up on the top 2%. >> not necessarily going up to the clinton era rates. just going up. today at a press conference at the capital, boehner got a question about this. listen carefully to how he responded or didn't respond. >> you did speak with the president earlier this week. can you characterize this call? and also we understand that he just is making clear that it's got to be increasing rates for the wealthy or no deal. are you willing to give a little bit? maybe just not all the way to 39.6? >> the phone call was pleasant, but just more of the same. the conversations that the staff had yesterday, just more of the same. it's time for the president, if he's serious, to come back to us with a counteroffer. >> not a no on
the dreaded fiscal cliff? it comes down to tax rates. this is a huge sticking point in the stalled negotiations between the president and mr. boehner. obama says the top rate on household income above $250,000 should rise from 35% to 39.6%. boehner wants the rate to stay at 35% or even lower. but what about meeting in the middle? around 37%? listen carefully to the speaker when he was asked today whether that rate could be the answer to this impasse. >> there are a lot of things that are possible. to put the revenue the president seeks on the table. but none of it's going to be possible if the president insists on his position. insists on my way or the highway. >> you hear what he said? a lot of things are possible. that may not sound like much where you're from, but here in washington, it sounds suspiciously like code for we're making progress. more evidence boehner's democratic counterpart house minority leader nancy pelosi also seems to be softening her language as we head into the weekend. listen. >> what we want to do is protect the middle class. so it's not about the rate. it
. >> thank you, dan. >>> this morning marks 24 days before the country goes over the fiscal cliff, where everyone's taxes automatically go up. and deep spending cuts kick in. president obama is taking aim at republicans, accusing them of blocking a bill that would prevent tax rates to go up for the middle class. fiscal cliff negotiations are now in the hands of just two people. president obama and house speaker john boehner. abc's david kerley joins us live with the latest. david, we have a positive jobs report. better than expected. consumer confidence floated. >> reporter: they're using the jobs report right now, the obama administration. a little more fuel. and we are talking about two men now. it comes down to these two guys and a lot of jobs on the line. possible hiring freezes, furloughs if we go over the cliff. now, working for the cuts they will make if we do actually go over the cliff. a diner, middle-class taxpayers and the vice president, telling republicans a deal to extend tax cuts for all but the wealthy is easy. >> the president would probably have me sprint up to the hill
to back up a republican theme in this fiscal cliff argument. >> if we raise taxes on the top two rates which is about a million small businesses who employ 25% of the workforce, it will cost us over 700,000 jobs and reduce economic growth and lower take home pay. that's a bad scenario. >> the lead negotiator on the republican side of the table facing mr. obama says raising taxes on upper income americans will not fix the huge problems this country is facing. >> even if the president got the tax rate hike he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. washington has a spending problem and not a revenue problem. >> for many top democrats it is all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are that at this point the 39.6% does produce the revenue. the differentiation between the 39 pin 6% and the 28% that the president has for limitation or deductions creates a great deal of money as well. >> one conservative commentator suggested the out come of the fiscal talks won't be the end of the world.
and more on the fall out in of the looming fiscal christ u cliff. there will be no deal without tax increases . art lakker former member of the reagan advisory board said it is not good economics and it will contribute to more lay offings. he predicts despite the protest, the gop will lose and the president will make good on his promise. >> we want higher tax rates on the higher income earners and that the worst place to raise tax rates. they are employers and purchasers and they're the job creators and the last people you want to provide disincentives. the president will want it and giveget it and win the battle on the higher income people. >> you think that the gop will cave in. >> on this issue they have to . the gop, forgive me, uma. i am nolt an expert. i would like to see them passlet tax bill and extend it for people under $250,000 . extend the tax cuts for over $250,000 as well. in two separate bills and the democrats take full responsibility for the tax increases and they will own the bad economy of 2013 and 14 . the republicans can change government and bring back sensible
like 192 million bucks before taxes, that is, to cushion the potential fall off the fiscal cliff. an arizona couple came forward with the second winning ticket from last month's massive powerball drawing. they wanted to claim it before the end of the year and wanted to start a foundation with the money. >>> now to midland, texas, where the driver of a parade float hit by a freight train will not face charges. the crossing gate went down after the front of the truck had already crossed the train tracks. the float was carrying military veterans and their families. four vets died in the crash. 16 others were hurt. >>> and it's been more than 15 years since he was mysteriously gunned down, but the l.a. coroner's office has finally released the autopsy report of rapper christopher wallace, also known as the notorious b.i.g. or biggy smalls. the 23-page report shows wallace suffered four gunshot wounds and one was fatal. to date, no arrests have been made and the case is unsolved. >>> friends and family will remember the world's oldest person today at her funeral. besse cooper died on
the government point of view, everybody is talking about jobs and the fiscal cliff. everyone talks about taxes and what is going to happen with the fiscal cliff. there has been $1500 gone to increase oil prices. you can get them that tax cut today if you invested in our report. everybody talks about entitlements. high oil prices make the social security trust insolvent five years sooner than they would if he did not have high oil prices. america needs jobs and growth. following the recommendations in our report will lead to both of those. it would be good for american business. >> i will start with senator alexander. tell me about energy policy and where it fits in with the fiscal cliff. what we will spend money on and how we were tightened our belts. >> the major place it fits is the right policy would create an environment which would produce a lot more revenue. that would help to reduce the debt. the federal government doesn't spend much money on energy. energy research is about $6 billion a year. i would like to see it doubled. this report is a blueprint for independence and i think it is
in favor of cutting these taxes that have been raised because we did not solve this before the fiscal cliff. he can turn and say to my want to restore some of this funding that my secretary of defense and joint chiefs of staff told me i need to restore and can positi himself as sort ofthe protector of u.s. national security. so there are some clear centives to the president to lead the country over the fiscal cliff. do i think that's what he wants? probably not, but do i think there are incentives fo him to do it temecula. gerri: never looked at it that way. as you look at this debate on going, there are a lot of folks who say we will be flirting with recession or in recession ifwe do go over the cliff. do you agree? >> that happens only if we go off the cliff and stay off for an extended amount of time. to we don't go into recession just because we don't have a resolution on january the first. it's a question of whether we have no resolution at that time but it seems that it's likely to a come within a short time. the longer we go into january with no resolution the more likely that we do
. when you hear about the concern about the fiscal cliff, it is not the tax rates. i do not buy that. i do not think we need to increase the tax rates. >> if you go over and the tax rates go up, all of that goes away. >> we should not do it. we should resolve this. it depends on whether we then do something about it in the next month or two after it. we set ourselves on a path to do something within 30, 60, or 90 days and we are clear about that. people do not believe we will do it unless we do something. that is our worries. >> as part of that second stage, does the top rate have to end at 39.6? are there ways democrats can accept something in between bush and clinton if it was coupled with a reduction in the ability of people to take certain deductions or credits? would you see a top rate below 39.6 when the dust settles? >> i do not want to second-guess what we may decide. i think we should go to 39%. that is not what we should be debating. i do not think it is instead of >> it is in addition to. >> yes. having that debate now suggests that that is all we have to do. most people who
the fiscal cliff deadline. no progress was made in washington. the main sticking point are about tax cuts that are set to expire and the president's demand that the wealthy pay more in taxes. the uncertainty of what is going to happen is starting to have an impact on donations to charity. abc7 news reporter ama dates dates is live in the newsroom. >> it is possible the tax deduction for charitable giving could be capped next year. so the question is do you hold on to your money during the financial uncertainty or donate more while you know you will get a deduction. for one charity in san francisco it seems people are doing a little of both. the food pantry at the st. anthony foundation is in good shape today, but overall donations are down for the year. >> we are a little bit behind where we would like to be, where we are budgeted to be. >> the interim executive director says the charity is seeing interesting trends this holiday season that may have to do with the impending fiscal cliff. >> we are seeing people who have never given us a stock donation before stepping up and making that ki
cliff problem could be fixed in 15 minutes if republicans would only agree to higher taxes on higher americans. the v.p. laid out the president's plan at a diner in virginia. the campaign style stop apparently meant to highlight going over the fiscal cliff would mean for the fiscal class. >> i don't know why at love the guys we work with don't get it makes a difference whether or not you can finance a used car. 3,000 bucks makes a difference or talk about whether or not your kids are going to be able to save enough for their college. >> shepard: so where are we? we are 25 days away from a series of automatic spending cuts and expiring tax credits or tax cuts anyway? economists say that would be a disaster. possibly costing million of american jobs. today the house speaker john boehner again accused the white house of holding up negotiations. he said the white house has wasted another week of potential deal-making. >> there are a lot of things that are possible but to put the revenue to the president seeks on the table. but none of it is going to be possible. the president insists on
taxes on the top earners are we definitively heading over the fiscal cliff? >> i don't think we'll have a deal. the president has made that very clear that the top earners ought to be paying more and we should be dealing with tax rates going up as opposed to just revising the tax code and looking at deductions. and so i think the president has been very firm. and he is getting a lot of backup from people who stood in long lines on election day to elect him. he's well aware of that. but i think that's where his heart is, too. this is not something new. this is something that he campaigned on. and he won on. if you look at the polling numbers, this is what the american people voted for. they said that the upper earners should be paying more. >> i'm curious, though, from the president's perspective, how important is a deal now whether it's just a deal or the deal that he wants in terms of his second term, his overall political power if you will? how does that play out? >> knowing the president as i do, i think it is very important to him that he gets a deal. but i also know that he believe
up to the scal cliff. december consumer sentiment nosedid to a five-year high, because of fiscal cliff fears. a spike in taxes would leave a lot less money lying aroundor the iphone or ipad. shares of apple fell 2%. >>> thanks to a study by the department of energy the u.s. may be closer to approve natural gas exports. data shows it could improve th economy by $47 billion in 2020. we need that. sounds like a win-win. we have the ceo of bright link oil and gas. chris, thanks for joining us. >> thank you. melissa: what do you make of this report? first of all, do you buy it? do you think it's possible? >> i dohink it's psible and i'm glad to see it come out. what it really does now it shows overhe 12 different enarios that the government study investiged each one of those scenarios came back and said america will benefit and have a positive economic gai if we export lng offshore to europe, and or asia and to other countries that need our gas. melissa: we have so much natural gas unlocked as a result of fracking, the problem is, intellectually, emotionally we can never wrap our head
for-to-avoid the fiscal cliff and both sides are playing hard ball. issue taxes and revenues. bush era tax cuts expire the first of the year. democrats want tochl tend them to the middle class but not the wealthy. republicans appeared to signal their willing to discuss increasing revenues but not necessarily by taxing the rich. >> there are a lot of things possible to put this on the table. none of us are going to be impossible. the president insists on this position. insisting on my way in the highway. >> democratsç& responded saying it doesn't work without raising tax autos because republicans are holding the tax cuts as they have all along, hostage to tax cuts for the wealthy. >> economists say the uncertainty about gaining steam dead in its track autos a jobs report balances out phone shall of going over that fiscal cliff this, is adding2÷, 136,000 people added to payrolls and national unemployment rate fell to 7.7%. the dow chimed 81 points. nasdaq went the opposite direction because the stock has been in free fall lately. dropping another $14 a share today, cisco no longer con
of negotiations on the so-called fiscal cliff. disagreements on taxing the wealthy remains one of the sticking points between the two sides. this is about five minutes. >> good morning, everyone. this is not a progress report because there is no progress to report. when it comes to the fiscal cliff that is threatening our economy and threatening jobs, the white house has wasted another week. eight days ago, secretary geithner kaine your to offer a plan that had twice the tax hikes that the president campaigned on. it had more stimulus spending than it had in cuts, and it had an indefinite and infinite increase in the debt limit, like forever. four days ago, we offered a serious proposal based on testimony of president clinton's former chief of staff. since then, there has been no counteroffer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to push our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike he wan
the president and speaker have taken no concrete steps to resolvthe so-alled fiscal cliff. president obama remains insistent that republicans yields to his ultimatum thahe be allowed to raise taxes on those making more than $250,000 a year. republicans for their part insist that the president gets serious about cutting spending in order to reducetrillion dollar deficits and a natonal debt that is nw mind-boggling league not -- monotonous. house minority leader disagrees vehemently with the speaker on how to reduce deficits and debt. today she offered a paradoxical statement on scal policy that wouldake both casey stieel and yogi berra proud. the nation now just 24 days away from $600 billion of spending cuts and tax increases that will automatically kicked in. and pelosi has some wise words for washington. please listen terror. >> this is a mment of truth. the clock is ticking. christmas is coming. the goose is getting fat. in many homes across america it is very, very lean times. you cannot cut your way to deficit reduction. lou: that's right. pelosi says we cannot get ou
as part of a plan to avert the fiscal cliff. >> we must reform the job killing tax code by getting rid of loopholes. our goal should be to create new taxpayers. the gop commented raising taxes won't solve the nation's 16 trillon dollar debt. the potentialal candidate in 2016 he said only economic growth and reformingen titlement programs can control the debt. >> the former florida governor said is he a democrat now. he announced that last night. he posted a photograph where he was holding a voter application. the times reported that he signed papers to change to democrat at a christmas reception at the white house. >> yesterday marked the 71st anniversary of the pearl harbor attacks and many paused to remember that faceful day. in hawaii there was a moment of silence. that surprise attack killed about 2400 people. it was the start of the united states involvement in world war ii. >>> in alameda pearl harbor survivors took part in the ceremony at the coast guard island. the 21 guard salute honored the survivors, they are still fresh for the men who were there. 91-year-old was on the w
the fiscal cliff? john boehner is already ready for $800 billion in early tax revenue. this is raising the tax rate on the wealthy. but eliminating loopholes, are you with the speaker of the house? >> unfortunately, the presidency has already taken us over the cliff. businesses have already paired back their plans and they're hiring for next year anticipating what's going to happen. so we can fix this christmas eve, if we want. but we've already hurt the economy and hurt -- >> are you with boehner? >> i'm not with boehner. this guy doesn't need more money. >> we doubled spending. >> well, we have already offered to extend current tax rates. that's what we should have done six months ago until we could come to some agreement, some compromise on tax reform. >> when you say compromise, where are you ready to compromise, as far as taxes are concerned. >> well, how we go about tax reform, there's a lot of room to work together. >> lower the rats. i'm not sure where the democrats are. th they have not offered the plan. >> they keep the bush tax rates. the top two percent let them go from 35%
for blocking a bill to resolve the fiscal cliff crisis. as we move closer to a year end deadline where huge tax increases kick in and tax cuts kick in, they have not compromised to help reduce the deficit. latest senate version would prevent a tax height on the first $250,000 of earning. >> the americans will get a cut on the first $250,000 of their income and families everywhere would enjoy peace of find. the senate has done their part. we are waiting for republicans in the house to do the same thing but so far they have put forward an unbalanced plan that actually lowers rates for the wealthiest americans. >> republican florida senator marco rubio said tax increases will not reduce the nation's $16 trillion debt. >>> officials for the proposed sonoma rail transit project or smart train are looking to get $16.6 million in federal fund to go buy more train cars. today the press democrat reports money otherwise would be used for local pedestrian and bicycle paths. it is committed to go to cloversdale and larkspur but beyond that more rail cars would be needed to carry the load. the request is no
the fiscal cliff deadline. house speaker john boehner said no progress was made yesterday. the main sticking point is still about tax cuts that are set to expire. also the president's demand that wealthy pay more. the uncertainty of what will happen is starting to have an impact on charities. abc7 news reporter tells us donations are down. >>> the food pantry at the saint anthony foundation in san francisco is in good shape but overall donations are down for the year >> we are a little behind where we would like to be or budgeted to be. >> the director said the charity has seen interesting trends this holiday season that may have to do with the impending fiscal cliff >> we are seeing people who have never given us a stock donation before stepping up and making that kind of gift to us. >> they could be concerned that the tax deductions for charitable giving would be cut next year, saving the government money. private wealth advisor said it can make sense to get more bang for your donation buck. that would help charities this year, but people may be less generous in years to come. >> people wh
republicans for blocking a bill to resolve the fiscal cliff crisis. congress has not compromised on whether taxes should be raised on wealthy americans to help reduce the deficit. latest version of the plan would prevent a tax hike on the first quarter million dollars of a person's earning. >> the wealthiest americans would get a tax cut on first $250,000 and families everywhere would enjoy peace of mind. senate has done their part. we're waiting for republicans and so far they have put unballoted plan that lowers rates for the wealthy americans. >> marco rubio says it will not reduce the nation's $16 trillion debt. >> officials for the proposed sonoma marin smart train are looking to get federal funding to buy more train cars. smart train is committed to go to cloverdale and larkspur but more rail cars would be needed. they report that money force the cars would come out of the budget for pedestrian and bicycle paths. bicycle advocates say it will take away two-thirds of their funding setting the plan back five years. >> three women who dined at a stockton card room saying the bill they re
of the fiscal cliff, higher taxes on everybody. one thing that will happen without an agreement, all the bush tax rates go away, so everyone's taxes are going to go up. you'll see that emphasized over the next couple weeks. you'll hear the white house talk about what a bad situation there will be after january 1 if this deal is not cut. >> david jackson, "usa today," shira toeplitz, "roll call." we appreciate your time so much we'll talk to you later in the hour as well. >> thank you. >>> the last remaining house race of the 2012 election cycle is pabt to come to a close. in louisiana, republican congressman charles boustany jr., jeff landry facing off in a runoff election. they were forced to run in the same district in bayou because of the state's shrinking congressional delegation. both conservative republicans, landry a tea party freshman. we'll keep you abreast of what happens. >>> meanwhile, high drama about to surround the high court as the justices agree to take on the high-stakes issue of same-sex marriage. ♪ >>> the man with that most-watched youtube video of all time due to perfo
until our economy falls off the tax and fiscal cliff. just where do we stand on a deal coming out of washington, d.c.? cnbc correspondent joins us with all the details. >> reporter: as you know the white house's strategy since the election has been to break republican resistance on two issues. one is tax rates and one is an increase in the debt limit. he hasn't succeeded or budged off that attempt so far which is why john boehner came out in a news conference today and slammed the white house for not being willing to compromise. >> four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there's been no counter offer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow walk or economy right to the edge of the fiscal cliff. >> a few hours later you had a slight indication of flexibility from the administration. vice president joe biden was out. he reiterated those two nonnegotiable demands on the part of the administration but said the actual amount of that top rat
cuts. the phenomenon known as the fiscal cliff. if that happens, it will trigger a recession, or worse. so, president obama is taking action and insisting that republicans agree to increase the existing marginal tax rates on the wealthiest top 2% of u.s. taxpayers. and of course, there is more to the deal. but there will be no negotiations on that big part of the deal unless that tax on the wealthiest 2% is negotiated now. the president could not be more emphatic in stressing the indispensable element of surmounting the cliff is that super-rich revenue. >> we're not insisting on rates just out of spite. or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. >> okay. here is john boehner, the republican house speaker. >> if you look at the plans that the white house have talked about thus far, they couldn't pass either house of the congress. >> republicans proposed raising $800 billion in extra revenues. and that revenue should come through tax reform and closing loopholes. happy new year. question, patrick, looking into the crystal ba
. >>> well, t minus 24 days and counting until the fiscal cliff deadline. no progress was made in washington. the main sticking point are about tax cuts that are set to expire and the president's demand that the wealthy pay more in taxes. the uncertainty of what is going to happen is starting to have an impact on donations to charity. abc7 news reporter ama dates dates is live in the newsroom. >> it is possible the tax deduction for charitable giving could be capped next year. so the question is do you hold on to your money during the financial uncertainty or donate more while youwill get au will get a deduction. for one charity in san francisco it seems people are doing a little of both. the food pantry at the st. anthony foundation is in good shape today, but overall donations are down for the year. >> we are a little bit behind where we would like to be, where we are budgeted to be. >> the interim executive director says the charity is seeing interesting trends this holiday season that may have to do with the impending fiscal cliff. >> we are seeing people who have never given us a stock
the fiscal cliff. republicans are saying hey, let's continue the bush tax cuts, let's make this fair for everyone but let's stop spending. we are spending more than we have. democrats are saying now they are saying it doesn't matter, we are not focused on the deficit anymore. we want to keep spending so we're going to raise taxes. >> don't touch spending. if you touch spending do it five or 10 years down the road. let another congress do it. in the meantime raise revenues through tax increases. >> i hear my father's voice. we all grew up with our dads that they saved every penny they had. they came from that generation. my dad would never say ainsley just spend, spend, spend on your credit cards. don't worry about the debt? don't save a dime. if you were running a business your business would have been out of business. >> that's what scary. we love america so much and people are concerned where our country is going. >> email your questions at friends at foxandfriends.com. >> headlines. might be the biggest arrest related to terror attack in benghazi. the "wall street journal" reports
's looming tax hikes and spending cuts commonly known as the fiscal cliff. despite a call between president obama and john boehner, the two sides appear to be no closer to a compromise. are republicans working on the scenes on a plan b? wall street journal columnist, dan henninger and kim strassel. you have bean working the phones, is there something going on between speaker boehner and the president? >> no, i think that they are nowhere and it's because the president is refusing to budge at all on the top toks ratestopx rates and we'll go off the cliff if the republicans don't acreed to that demand. so we're still at a stand still. >> paul: kim, why is the president so insistent on increasing tax rates? boehner has already put on the table a comparable amount of money to be gained from putting a cap on deductions, about 800 billion over ten years, so such a-- >> look, paul, two reasons. first is ideological. his partisans, his liberal base believe this is somehow a symbol of winning the tax fight and you can only do that by raising the rates on the wealthy in the country and they're insist
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